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> If you have assets in an un-audited exchange, get them out now. This is Mexican standoff. The only "value" crypto assets have comes from exchanges that will
by femto113 4y ago
> If you have assets in an un-audited exchange, get them out now.
This is Mexican standoff. The only "value" crypto assets have comes from exchanges that will trade them for fiat. If crypto holders stop trusting exchanges and pull all their assets that will cause the exchanges to fail and those assets will then be worth nothing. On the other side if exchanges try to earn the trust of holders by becoming "fully transparent" it will be revealed that there's not nearly enough fiat reserves to support the current valuations. (It does no good for Binance to prove they have a reserve of $18B of Tether to back the $18BN BUSD marketcap if turns out Tether is actually mostly backed by Bitcoin that only has a USD value because it can be traded for BUSD...)
- jacquesm 4y agoTrue, but the first out that manage to sell them for fiat through some other way even at a substantial discount are going to be off substantially better than the last.
- femto113 4y agoI assume that by "get them out" the parent meant "move your crypto from an exchange to a wallet you control". If your end goal is to be out of crypto altogether it would make far more sense to just sell while the exchanges are still open.
- blueprint 4y ago> If crypto holders stop trusting exchanges and pull all their assets that will cause the exchanges to fail and those assets will then be worth nothing. maybe you havent heard but it's possible to send "crypto" (lol) directly from person to person
- bragr 4y agoSend me 10,000 bitcoins and I'll send you a pizza.
- femto113 4y agoSure, but only if you'll send me the pizza without waiting for the transaction to be confirmed, I'm too hungry to wait.
- littlestymaar 4y ago”But bitcoin solves the double spending problem”
- bragr 4y agoYes but slowly
- tsimionescu 4y agoSure, and it's also possible to live off the land and grow all of your own food: it's obviously possible, and people actually do it, but it doesn't scale to any reasonable degree.